CEOs: Looking to Boost Your Slowing Growth? Try These Ideas
February 29, 2012
In the post, Philip discusses how you can try to boost your companies growth when it starts to slow down. He talks about the knee jerk reaction a lot of companies have when this occurs, quickly adopting the mantra: “Search for Culprits, Blame the Innocent.” He then moves on to how companies should address the challenge of “Finding the Solution”.
Finding the solution means not jumping to conclusions and not looking for the “silver bullet.” Instead, it means doing the hard work and analysis that will get to the root of the problem and come up with the right solutions.
Morettini also covers ideas like:
- Try marketing programs you haven’t used before
- Have an internal “growth” brainstorming session
- Hire some outside help
- Look at entering an adjacent market
- Consider M&A to fill out your product line or distribution system
After reading Phillip’s blog, I responded with a few additional ideas that most expansion software companies use to boost their growth that I think management teams should consider:
- Expand you distribution model geographically.
- Expand your distribution model by adding additional distribution channels (when I look at distribution models I consider inside sales another channel, just like field sales, web sales, channel sales or OEM sales).
- Add an additional product (or products) through your development team to your distribution channels (the key here is to make sure the products you add align with your user and buyer personas — like your current product line — otherwise you may create more challenges).
- Segment your market to identify market segments (could be geographic segments, vertical/industry segments, company size segments, current customers versus new customers segments, or a combination of all four) that are growing faster than your overall market segment. Segmenting for growth is an exercise every company should go through every year. It allows you to invest and align your scarce resources against the fastest growing segments of your market.
For more on this topic, you can catch all of Philip’s blog here.
All the best!